12onShan Launched for Sale by Tender

07 February 2018

Knight Frank Singapore and Savills Singapore are pleased to jointly announce the launch of 12onShan, a freehold, high-rise serviced apartment in Novena, for sale by tender. Knight Frank and Savills are the exclusive marketing agents of the site.

12onShan is a 16-storey building comprising of 78 serviced apartments, located in the bustling enclave of Novena. The apartment sizes range from 28 sqm to 68 sqm. Facilities within the development include a swimming pool, indoor gym, garden terrace, communal roof terrace and BBQ area. The development is expected to obtain Temporary Occupation Permit (TOP) in the second quarter of 2018, and a recent valuation has pegged it at S$107 million, on completed basis.

Under the 2014 Master Plan, the site is zoned “Residential”, with a permissible plot ratio of 2.8. It has a land area of approximately 2,058.20 sqm, with prominent frontage of approximately 40 metres onto Shan Road. The developer has obtained Written Permission to operate the development as serviced apartments.

The apartments offer great accessibility, with proximity to the medical hub in the Novena area and is approximately 550m from Novena MRT station. Major arterial roads and expressways such as the Central Expressway (CTE), Pan Island Expressway (PIE), Thomson Road and Balestier Road provide seamless connectivity to other parts of Singapore. 12onShan is only a short drive to the Central Business District and Singapore’s premier shopping belt, Orchard Road, and is approximately 25 minutes’ drive to Changi International Airport.

“Given its strategic location, 12onShan will benefit from plans for the upcoming integrated healthcare master plan development, Health City Novena. By 2030, the built-up area for all healthcare facilities and services in the vicinity is projected to double to 600,000 sqm (6.46million sq ft), up from the current area of 250,000 sqm (2.69million sq ft),” shares Ian Loh, Executive Director and Head of Investment and Capital Markets, Knight Frank Singapore.

“There is limited availability of serviced residence offerings in the market, thus 12onShan becomes an ideal investment opportunity, both in terms of its locational attributes and its palatable investment size. We expect this asset to be a beneficiary of rising interests from both on and offshore investors for income assets,” says Steven Ming, Managing Director, Head of Investment Sales & Residential Services from Savills Singapore.